Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

September 20, 2011 12:49 ET

Canoel Announces the Closing of a Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2011) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) proposes to raise funds of up to an aggregate of $500,000 through a non-brokered private placement of units ("Units") at a price of $0.10 per Unit. Each Unit consists of one common share in the capital of Canoel (a "Common Share") and one Common Share purchase warrant (a "Warrant"), each Warrant will entitle the holder thereof to purchase, subject to adjustment, one additional Common Share (the "Warrant Share") at an exercise price of $0.15 per Warrant Share at any time on or before the date that is 24 months from the date of issuance of the Warrant. A finder's fee of up to 8% of the gross proceeds of the private placement may be paid by Canoel. A Price Reservation Form 4A was filed with the TSX Venture Exchange on August 31, 2011. Conditional approval for the proposed transaction was received from the TSX Venture Exchange on September 19, 2011, 2011. It is anticipated that the offering will close on or before October 14, 2011.

The proceeds from the proposed offering will be used to finance Canoel's acquisitions campaign and to augment its unallocated working capital. This transaction is subject to the submission of final documentation and final approval of the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canoel International Energy Ltd.
    Jose Ramon Lopez Portillo
    Chairman of the Board
    (403) 938-8154
    (403) 775-4474 (FAX)

    Canoel International Energy Ltd.
    Andrea Cattaneo
    CEO & President
    (403) 938-8154
    (403) 775-4474 (FAX)
    info@canoelenergy.com